The Institut québécois de planification financière (IQPF) and
the Financial Planning Standards Council (FPSC) have established
unified standards for financial planning in Canada, in a document
titled
Canadian Financial Planning: Definitions, Standards &
Competencies.
In unifying financial planning standards, FPSC and IQPF have
established a unified code of ethics and a common set of practice
standards to which individuals holding the F.Pl. and
CFP® designations should abide, thus defining the
ethical and performance standards that clients should expect from a
professional relationship.
The IQPF and FPSC have also clearly defined “financial
planning,” a “financial planner” and a “financial plan.” Their
definitions underscore objectivity, confidentiality and a high
minimum level of competence as essential characteristics of
professional financial planners. Critically, the organizations
stipulate that a true financial planner must agree to be
accountable to professional oversight and put their client’s
interests first.
The Canadian standards are also built on the highest
professional standards worldwide, through association with the
Financial Planning Standards Board (FPSB), whose members
collectively represent more than 150,000 financial planners
internationally.